Stablecoin pegged to Philippine peso released

Global payments services company Bitspark has announced its release of a stablecoin pegged to the Philippine peso (PHP). These stablecoins are cryptocurrencies made to reduce the volatility of the price of the stablecoin and are backed by reserve assets. The most prominent and controversial stablecoin known to market is Tether, which is backed by an equivalent amount of traditional fiat currencies, like the dollar, the Japanese yen, and the euro.

In a press release shared with Cointelegraph, the blockchain-powered firm confirmed the launch of its PHP-pegged digital currency which will be called peg.PHP.

According to the report, Cambodia-based Australian start-up Okra Solar will be the first company to use Bitspark’s peg.PHP.

Bitspark CEO and co-founder George Harrap said that launching peg.PHP is in line with the company’s goal to “improve the money transfer ecosystem, including bill payments.”

“There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets,” Harrap said in the same press release.